Self Managed Superannuation Funds

Initial Set Up - there are several trust laws and legislative requirements for setting up a self managed superannuation fund (SMSF). Typically you need to:

• Obtain a trust deed
• Appoint trustees
• Sign a trustee declaration (NAT 71089)
• Elect to become a regulated
• Obtain a tax file number (TFN)
• Obtain an Australian business number (ABN)

At Davies, Thompson & Wright we provide the assistance you need to set up your own fund and greatly simplify the process for you.

Ongoing Accounting - as a trustee of your SMSF, you need to:

• Prepare accounts ensuring you value the fund's assets at market value
• Appoint an approved SMSF auditor to audit your SMSF
• Prepare and lodge your SMSF annual return each year by the due date, providing all the information required and paying the supervisory levy
• Lodge an accurate Rollover benefits statement (NAT 70944) when rolling benefits into other funds
• Keep comprehensive records
• Notify the ATO of changes, for example, a change in trustee or members



At Davies, Thompson & Wright we continue to assist you with the ongoing recordkeeping for your fund